Tax season is less than 2 weeks away and the IRS announced this week tax filings will start being processed on January 24th for individual returns.
Over the last few years the IRS has had so many delays they have pushed tax day back to April 18th and the IRS has taken extra steps to make sure your file is not held up.
The IRS gave three important tips to keep in mind before you file this year.
One: File Electronically
First being file electronically we know paper returns generally take weeks and even sometimes months longer to process. The IRS is saying if you file your taxes electronically and go through direct deposit you can expect a return in 21 days or less.
Two: Correct Banking Information
If you owe a refund make sure the IRS has your correct information to pay the bill.
Third: File Accurately
Make sure your return is accurate, file mistakes are easy to make and filing your return quickly just to get it out of the way even though it is inaccurate is a mistake and will take even longer to get your return.
Stimulus or Child Tax Credit
It is important to know if you received a stimulus payment or any of the monthly Child Tax Credits payments the IRS says you need to either to wait for letter 6419 or 6475 from the IRS to show how much they paid you.
The IRS says or you to the IRS website to retrieve that information.The IRS says they sent letter 6419 already to millions of Americans and 6475 will be sent out late January. If you wait for these letters you will be able to accurately calculate your refund or your payment that you owe to the IRS.
The IRS also says regardless of when you file if you are owed a Child Tax Credit or a stimulus check by law the IRS can not issue any refunds before mid February. For everyone else that doesn’t need to wait for additional money the IRS is expecting a 21 day return to your bank account.
The IRS says their free portal for taxpayers that earn less than 73,000 a year will open on January 14th and they will hold the return for processing until January 24th.
The IRS is also asking if you have questions about your tax return to not call them use there tax resources on the IRS website they say they received over 145 million calls between Jan 1 and May 17th of 2021.
